Without poorer countries on board, the world stands little chance of preventing catastrophic climate change, say many climate scientists. Emissions in the U.S. and Europe are falling asBut emissions in the developing world are expected to rise sharply in the coming decades as billions rise out of poverty—unless those economies can shift onto a lower-carbon path.
Developed nations say it is unrealistic to put them on the hook for such a large sum without also getting middle-income countries—China in particular—to provide funds. In Paris in 2015, the U.S., Europe and a few other wealthy nations committed to funding poorer countries to the tune of $100 billion a year from 2020 through 2025. They have so far fallen short.
Developing nations want a big portion of the money to come as government grants, not loans from private investors that would saddle them with debt. They’re demanding control over how the money is spent, wary of dictates from wealthy governments and financiers in the U.S. and Europe.Photo:The developing world also questions whether the U.S. is committed to delivering its portion of the funds over the long haul.
To entice private investors, wealthy governments are putting taxpayer money on the line, accepting first losses on projects that don’t work out.Inc, the giant investment manager, has launched a $250 million facility alongside the development agencies of France, Germany and other countries to provide climate financing to the developing world.
The Green Climate Fund is the cornerstone of the U.N.’s strategy for channeling funds to the developing world. Launched in 2015, the fund can dole out grants or use its money to enlist private investors. By taking on the riskiest slice of financing on climate-change projects, the fund aims to leverage huge sums of private capital with a relatively small contribution of its own funds.
At a July 2018 meeting, board members spent days arguing over new policies sought by wealthy countries, such as an update to the fund’s stance on gender equality and allowing the board to make decisions without unanimity. Developing-world officials feared rich nations, which were due to pledge more money, were using the moment as leverage to impose their priorities.
In June 2020 the project was canceled. Under GCF rules, sponsors had asked developing-world governments to preapprove a series of hypothetical projects that could be used to raise money from private investors. That provoked resistance from India, Rwanda and others that wanted more control over specific projects in their territories.“I’ve sweated blood and tears on that,” said an official involved in the project.
EVERY NATION SHOULD FEEL RESPONSIBLE TO PROTECT ENVIRONMENT, CLIMATE COOPERATION. ENVIRONMENT IS A UNIVERSAL ISSUE NOT RESTRICTED TO SOME COUNTRIES, AREAS, PEOPLE. ENSURE INVESTMENT, TECHNOLOGY SUPPORT TO NEEDY NATIONS. REDUCE SPENDING, HAVE SURPLUS TO INVEST FOR BETTER FUTURE.
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